Sam Bankman-Fried, the fallen cryptocurrency mogul who once promised to "build the future of finance," is now projected to walk out of federal custody on Dec. 14, 2044, more than four years earlier than the 25-year sentence he received last spring.
What Happened: The Federal Bureau of Prisons lists the new date on its inmate database, reflecting automatic "good conduct time" credits that can cut up to 54 days from each year of a sentence. Additional reductions for rehabilitation programs and time served before trial are also possible, a spokesman told Business Insider.
Bankman-Fried was jailed two months ahead of his 2023 trial after he showed a journalist private writings by his onetime girlfriend, Caroline Ellison, prompting a judge to revoke his $250 million bond. That pre-sentence stint now counts toward the revised release date.
A Manhattan jury in November 2023 convicted Bankman-Fried on seven counts of fraud and conspiracy for "commingling money with Alameda Research" and channeling billions in customer deposits into risky bets, political donations and luxury real estate. Prosecutors said the maneuver amounted to an "$11 billion fraud." U.S. District Judge Lewis Kaplan called the scheme "one of the largest financial frauds in American history" before imposing a 25-year term in March 2024.
Why It Matters: BOP rules mean his projected exit could change again. Serious disciplinary infractions would erase credits, while additional program hours could shave off more time.
Bankman-Fried has appealed both his conviction and sentence. His defense team argues the trial moved too quickly and misinterpreted cryptocurrency practices. Meanwhile, regulators and lawmakers continue to sift through FTX's wreckage. A separate civil case brought by the Securities and Exchange Commission seeks billions in disgorgement.
Whether the on-paper reduction survives the appeals process or the daily grind of prison life remains to be seen. But for now, the entrepreneur who once commanded a $32 billion exchange has a new number etched on the BOP ledger.
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